Oil Surges Above $70 On Concerns Of Iran Output Cut

So much for the Saudi “record production” intervention in pushing the price of oil lower: while the news did briefly send crude down, it immediately spiked following news that the US would also press allies to cut Iran oil imports to zero, effectively removing up to a million barrels from the market, and the result has been a sharp spike higher in the price of WTI, which has jumped above $70 for the first time since May 25.

Should the rapid increase continue, expect another angry tweet from Trump slamming OPEC in the not too distant future.